ITC REVERSAL

Save Share

This query is : Resolved

Quick Summary

This discussion addresses how to rectify incorrect Input Tax Credit (ITC) claims made in previous GST returns. If you've claimed too much ITC, you can reverse the excess amount in your current GSTR-3B return for September 2020. If you missed claiming ITC, you can claim it in the 'other ITC' column of your GSTR-3B, provided it's done before the due date for the September 2020 return (20th October 2020). No interest is applicable if the excess ITC was not utilised.

Asif Ali

Asif Ali (Querist)
Follow

14 October 2020 Hello Sir,
i have claimed wrong itc ; CGST-2814 and SGST-2814 in the month of january 2020 (F.Y. 2019-20) in GSTR-3B return. So please tell me how can be solved this problem in the month of September 2020 (F.Y. 2020-21) in GSTR-3B return.
you will be thankful for that.
Thanks.

Sagar Patel

Sagar Patel (Expert)
Follow

14 October 2020 Reverse that excess ITC in GSTR 3B of September, 2020

Message likes : 1 times

Asif Ali

Asif Ali (Querist)
Follow

14 October 2020 Sagar Sir interest will have to be paid or not if yes than how much %

Lekhraj sood

Lekhraj sood (Expert)
Follow

14 October 2020 No interest if the excess ITC was not utilised.

Message likes : 2 times

Asif Ali

Asif Ali (Querist)
Follow

14 October 2020 Sir how will do it

Lekhraj sood

Lekhraj sood (Expert)
Follow

14 October 2020 Can you elaborate your question "how will do it"

Asif Ali

Asif Ali (Querist)
Follow

14 October 2020 Dear sir i want to say if i entered cgst and sgst amount in reverse column in sep 2020 gstr 3b than how will be adjusted that reverse amount in january 2020 mistake month. because mistake year 2019-20 and the correction year 2020-21

Lekhraj sood

Lekhraj sood (Expert)
Follow

14 October 2020 That is allowed and not a problem.

Asif Ali

Asif Ali (Querist)
Follow

14 October 2020 Thank you so much sir for your valuable reply....

Asif Ali

Asif Ali (Querist)
Follow

15 October 2020 Sir what will i do if the situation is opposite. I mean if i forget to claim the itc in f.y. 2019-20 and now i am in sep f.y. 2020-21

Sagar Patel

Sagar Patel (Expert)
Follow

16 October 2020 than you can claim that missed ITC in GSTR 3B in all other ITC Column. [On or before Due date of Sep, 2020 return i.e 20th October, 2020 only]

Asif Ali

Asif Ali (Querist)
Follow

16 October 2020 Thank you so much sagar sir for your answer.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!